Eaglestone targets up to $150 million for Renewable Energy Fund

UK-based Eaglestone Asset Management is raising a fund of $100-150 million that is close to making its first investment. The fund will be a Luxembourg SCA partnership, subject to the SICAV-SIF regulatory regime, with a worldwide investment remit. The first investment will be an Australian asset.

The firm's Deputy Chief Executive Officer Nigel Purse said the vehicle is also assessing investment opportunities in Spain, Portugal, South Africa, Poland and Sub-Saharan Africa.

"We tend to look at South Africa for clues as to where we need to go for this: said Purse."You need countries where there is strong political support, a strong legal framework and a credible and credit-worthy off-taker like the South African government backed Eskom. I personally believe that what is going on in South Africa has enormous implications for the rest of the continent. It demonstrates to the world that South Africa can do renewable energy deals and it's caused companies to divert resources to South African opportunities, which won't be available forever. Those teams will all still be there and I reckon they will go looking for wider opportunities in Africa". Purse also believes there is a significant opportunity for smaller solar photovoltaic installations used in tandem with traditional African forms of energy generation such as diesel...